SBA EIDL
If you’re a business owner in an area declared a disaster zone by the U.S. Small Business Administration (SBA), you may be eligible for an Economic Injury Disaster Loan (EIDL). These loans are designed to help small businesses recover from the economic impact of a declared disaster, such as a hurricane, flood, wildfire, or other events.
Here’s a quick overview of EIDL loans for businesses in SBA-declared disaster areas:
Eligibility Requirements
To qualify, your business must:
- Be located in a declared disaster area (check SBA disaster declarations: SBA Disaster Declarations)
- Be a small business, non-profit, or agricultural business
- Have suffered substantial economic injury as a direct result of the disaster Loan Details
Loan Amount: Up to $2 million
Interest Rate:
- Small businesses: 4% or less
- Non-profits: 2.375% or less
- Repayment Term: Up to 30 years, depending on ability to repay
Use of Funds: Working capital, fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact
Collateral: Required for loans over $50,000. Real estate is the preferred collateral. For loans of $200,000 or less, the SBA will not require the owner’s primary residence as collateral if other assets of equal quality and value are available
Small businesses: 4% or less
Non-profits: 2.375% or less
Repayment Term: Up to 30 years, depending on ability to repay
Quick Access to Funds
Affordable repayment options tailored for small businesses.
Who Qualifies?
- Small businesses and non-profits in Texas & Maryland
- Businesses impacted by economic downturns or disasters
- Those with a qualifying credit history and ability to repay